MO HB3372

Development agreements between port authorities and the federal government for incentivized developments under section 68.040 must include an immediate buyout payment equal to the discounted present value of project payments in lieu of taxes

Agreements must also include community benefit payments to the municipality (or county if unincorporated) for the duration of the incentive term, equal to at least five years of the current payment in lieu of taxes rate, plus additional amounts to offset loss of community benefits from existing projects

Alternatively, the governing body of each political subdivision with land inside the port authority may approve the development agreement by resolution

Failure to include these required provisions results in a statutory lien against the property and makes the conveyance voidable by the port authority